India's GDP growth dropped to 5% in April-June quarter, lowest in 25 quarters, triggering downgrades in the estimates for the full year.

One more set of reforms coming to boost economic growth: Nirmala Sitharaman

Finance Minister Nirmala Sitharaman promised more measures from the government to revive growth and support to sectors facing stress.

"We are taking a considered view on the sectoral challenges," Sitharaman said in Kolkata late on Friday after her meeting with tax administrators and local business bodies.

"We are looking at the challenges which the sectors are facing. We will respond to the challenges and extend every possible help," Sitharaman said when asked about the economy.

India's gross domestic product (GDP) growth dropped to 5% in April-June quarter, lowest in 25 quarters, triggering downgrades in the estimates for the full year.

Moody's Investors Service has cut India's gross domestic product growth rate to 6.2% for calendar year 2019 against its earlier projection of 6.8%. Local ratings firm CRISIL too has revised the country's GDP projection for FY20 to 6.3% from 6.9%.

Sitharaman said that the consultation process is on and the government is likely to come out with more measures to boost the economy.

Over the last two weeks the government has rolled out a number of measures to lift growth, easing foreign direct investment rules for some sectors, activating the budget plan to provide support to non-bank finance companies, and a big-ticket bank consolidation along with capital infusion.

She said that the government has not taken a call yet on how the Rs 1.76 lakh crore windfall from Reserve Bank of India would be used.

Amid concerns over a likely fall in tax collections, the FM said that there would be no cut down on the government's aggressive social programme.

The FM's meeting with tax officials was the seventh such in the sequence across the country to convey officials not to overreach while serving tax notices to business people.

She has also assured of a transparent tax assessment process for the country's wealth and job creators.

The government is planning to randomise the tax scrutiny system and make it faceless to cut down harassment to tax assesses.